“Consumers and Mobile Financial Services” report
The US Federal Reserve has just released a report about how consumers use mobile financial services.
The full report can be found here.
It contains a substantial section about how the under-banked population uses mobile phones to access financial services.
Just because people are un-banked or under-banked, does not mean that they are “unphoned”.
Mobile phone use is high among younger generations, minorities, and those with low levels of income—groups that are prone to be unbanked or underbanked.Mobile banking and mobile payments have the potential to expand financial access to the unbanked and underbanked by reducing transaction costs and increasing the accessibility of financial
products and services.
Although the report contains some contradictory numbers, it mentions that 91 percent of the underbanked have a mobile phone and 57 percent have a smartphone—rates far above those for the overall population.
As mentioned in an earlier post, we found that over 85% of the UPside Visa prepaid card users have a smartphone.
So we have just deployed a mobile banking application for both Android phones and iPhones.
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